As businesses and consumers become more receptive to blockchain technology, companies are gearing up to take advantage of this by providing access to cryptocurrency funds via secure and convenient platforms that can be used for purchasing goods, trading and other tasks.
VegaWallet is one of such companies. It is aiming to make inroads into mainstream consumer markets with its mobile payment platform, which, according to its creators, will make real-world applications for crypto payments available to businesses and consumers. The platform’s new mobile payment app was announced in Malta this week.
VegaWallet represents itself an ‘advanced cryptocurrency wallet’ which will enable customers to pay businesses in cryptocurrency (and cash and credit), as well as to sell crypto funds to consumers. The idea is that the platform will act as a bridge between consumers who want to pay in crypto and merchants that don’t have the facility to accept such payments yet.
According to publicity material, the VegaWallet (VegaPay) app instantly transfers the authorized amount to its built-in currency exchange, then sends the corresponding fiat funds to modern payment terminals via NFC (Near Field Communication technology). The upshot is that paying with cryptocurrency is easier than ever, as no special debit card or chip is required to use the system.
VegaWallet is involved in projects related to payment systems and using blockchain technology for improved efficiency in business practices, and counts major healthcare companies such as AcellaHealth as partners. The platform is listed on well-known websites such as ICObench, FoundICO, and NAGA-Trading.
According to Tarek Hajri, CEO of VegaWallet:
“VegaWallet aims to be a complete cryptocurrency platform. Our Products and services will cover your journey into cryptocurrency every step of the way. We’ll make it easy to buy and trade, give you a safe place to store it, then provide options for spending it the way you want.”
VegaWallet’s token is the Ethereum-based VGW, created as a utility token. During VegaWallet’s token sale, which began on September 17th, the multi-currency digital asset wallet and built-in exchange will be made available to users. Both products are coming to the end of alpha testing and are set to be released soon.
The second phase of VegaWallet’s development promises a complete POS (point-of-sale) solution which will be free to download and use, with low transaction fees. Advanced features will be available for purchase. Merchants will not just be able to offer consumers the option of using cryptocurrency, but will also have the ability to purchase crypto funds using the store location like a gift card. On checking out, consumers will be able to have the cryptocurrency of their choice added to their VegaWallet. Direct payment by cash will also be an option.
Another key feature, VegaPay, will be rolled out at the end of phase two, and allows for crypto funds to be converted to fiat currency to enable payment at locations that don’t offer the facility to pay with cryptocurrency, with the funds send to the sales terminal via NFC. VegaPay has another trick up its sleeve, in the form of a single-use credit card number for use online or by phone. This unique number (created by VegaPay) can be used like a gift card, and offers enhanced security over permanent card numbers.
The brains behind VegaWallet are aiming high. If it can make good on its promise of being a complete, multi-purpose cryptocurrency platform and offer a secure, convenient and fast way of handling payments for businesses and customers, it has the chance to become a major player in this emerging field.